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Thursday, Mar 28, 2024
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Home Prices Fall for 2nd Month

The median price of an Orange County home fell for a second straight month in August to $633,000 while the number of houses sold continued its sharp decline from a year ago.

The county’s median price was down 1% from $639,000 in July, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.

The record for the county was $646,000 in June.

The August median was up 2.6% from a year earlier,the smallest yearly increase in nearly seven years.

The number of homes sold in the county dropped 32% to 3,203 in August from a year earlier.

But the number of homes sold did rise from July, when 2,779 homes sold. In June, there were 3,608 homes sold, and May had 3,113.

Many sellers are opting to pull their homes off the market. In August, there were 3,121 homes pulled off the market by disgruntled sellers, compared to 1,262 a year earlier, according to data from the Aliso Viejo-based office of ReMax Real Estate Services.

The slow sales pace in OC was seen across Southern California.

In August, 25,628 Southland homes were sold, a 25% drop from the year before and up 13% from July. It continues the slowest sales pace seen in Southern California in nine years.

The median price of a Southern California home fell 0.6% to $489,000 in August from a month ago.

San Diego home prices continue to show the biggest declines among all Southland counties. Prices there fell 2.2% from a year ago, to $482,000 in August. The number of home sales in San Diego fell 32% from a year ago.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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